comscore Card-based transactions reached 85% post demonetization: SBI

Card-based transactions reached 85% post demonetization: SBI

Pre-demonetization, card-based transactions were around 65 percent. It further said that in a span of 50 days, there has been a rise of 50 percent on card-based transactions.

  • Published: January 17, 2017 3:15 PM IST

The second largest credit card player SBI Card said post-noteban, the total spends on its cards have increased by 25-30 percent, despite fall in certain segments like fuel, jewellery and other discretionary spending. “Total spending on our cards increased post- demonetization by 25-30 percent. But in some categories like fuel, jewelry and discretionary spending came down,” SBI Card chief executive Vijay Jasuja told reporters here today. Also Read - SBI Bank: How to check bank balance via WhatsApp

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SBI chairman Arundhati Bhattacharya chipped in saying pre-demonetization SBI Cards were getting 65 percent of transactions on cards and after demonetization it has been 85 percent. So, in a span of 50 days we have seen a rise of 50 percent. In November, spends had actually declined but the number of transactions went up. But then, subsequently in December it picked up again as there was 35-50 percent increase in number of transactions during the month, he added.

With a little over 15 percent market share, SBI Card is the second largest player in the 27.3 million credit cards market. Jasuja said he has 4.75 million credit card users. He said in December alone, SBI Card issued 1,05,000 new cards. Normally, 35-40 percent is the attrition. So, net- addition was 65,000 in December. In the past few months, the company was adding upwards of 1,00,000 cards per month. One year back it was around 65,000 and two years ago it was 40-45,000 a month. In the past two months consistently they have crossed 1,00,000, he added. ALSO READ: Demonetization: Cash-based transactions worth Rs 25,000 crore move to digital mode

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  • Published Date: January 17, 2017 3:15 PM IST
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